Moody’s gives Sophia loans B2, notes Caa2

Moody's Investors Service said it assigned a B3 corporate family rating to Ensemble S Merger Sub, Inc. (Sophia, LP (New)), which is being formed to effect TPG Capital's and Leonard Green & Partners' $3.6 billion acquisition of Sophia, LP.

Ensemble will be renamed Sophia, LP after completion of the acquisition.

The agency also assigned B2 ratings to Sophia's new $1.46 billion senior secured term loan and $150 million revolver, and a Caa2 rating to its $590 million of new senior unsecured notes.

The outlook is stable.

Moody's existing ratings at Sophia, and its indirect parent company, Sophia Holdings Finance, LP, will be withdrawn upon closing of the acquisition and repayment of existing debt, which is expected by the end of September.

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